Investor Presentation • Feb 13, 2018
Investor Presentation
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Storm Capital Management Ltd. is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Its registered office is at Berger House, 36-38 Berkeley Square, London W1J 5AE, United Kingdom.
1. Total Comprehensive Income of USD -1.4 million in Q4.
3. Gasfield occupancy at 48%.
4. Vacancy in Moscow is down. The Russian economy is showing signs of improvement.
1. The anchor tenant Gazprom Tsentrremont vacated the building on 31 May 2017. Current occupany rate 48% after re-letting of 3,149 m2 of the vacant space across 20 new tenants.
2. The company is actively seeking new tenants to re-let the vacant areas. There is activity in the letting market. The company held nearly 300 viewings in the last year and are in continuous negotiations with potential tenants.
3. Independent valuer reduced value of the building from USD 27.1m to USD 26.6m in Q4 (-0.5 million).
STORM CAPITAL MANAGEMENT STORM CAPITAL MANAGEMENT
| mill. USD | Q4 2017 | Q4 2016 | 12M 2017 | 12M 2016 |
|---|---|---|---|---|
| Total Comprehensive Income | -1.4 | 0.0 | -4.2 | -4.8 |
| Summary of major items: |
||||
| NOI from investment properties | -0.2 | 1.2 | 1.8 | 5.0 |
| Value change investment properties |
-0.5 | -2.4 | -3.9 | -4.2 |
| Value change shares in real estate companies |
n/a | n/a | n/a | -3.0 |
| Other operating costs | -0.3 | -0.2 | -1.0 | -2.0 |
| Funds and liquid investments | 0.0 | 0.0 | 0.0 | 0.0 |
| Borrowing costs | -0.4 | -0.5 | -1.9 | -2.1 |
| Currency gains/ losses | 0.0 | 0.4 | 0.0 | 0.6 |
| Contract- and interest derivatives |
+0.3 | 1.0 | 0.6 | 0.4 |
| Taxes | -0.3 | 0.7 | 0.5 | 1.2 |
STORM CAPITAL MANAGEMENT STORM CAPITAL MANAGEMENT
| (US\$ '000) | (1) 31/12/17 31/03/07 |
31/12/16 Pro Forma |
31/12/17 (1) 31/03/07 |
31/12/16 Pro Forma |
|
|---|---|---|---|---|---|
| Investment property Total non-current assets |
\$26,760 \$26,770 |
\$31,215 \$31,233 |
Bank loans Deferred tax Other liabilities |
\$18,136 \$0 \$1,505 |
\$21,081 \$ 864 \$3,166 |
| Cash Total current assets |
\$2,247 \$2,865 |
\$4,371 \$4,844 |
Total liabilities Equity |
\$19,640 \$9,994 |
\$25,111 \$10,966 |
| Total assets | \$29,634 | \$36,078 | Total equity and liabilities Equity ratio |
\$29,634 33,7% |
\$36,078 30,4% |
Source: Oslo Stock Exchange, Bloomberg
(1) SRE and OSEBX adjusted for dividends. As per 2 February 2018.
Economic activity (as measured by industrial production)
Foreign capital returning
Vacancy rates falling on low supply
Source: Cushman & Wakefield
(1) Average rental rates is a weighted average rental rate of asking rents of deals closed within the period, RUB / m²/ annum/ triple net (net of op.ex and VAT)
Source: Cushman & Wakefield. Absorption = movement in occupied stock (total stock - vacancy). 15
1. Total Comprehensive Income of USD -1.4 million in Q4.
3. Gasfield occupancy at 48%
4. Vacancy in Moscow is down. The Russian economy is showing signs of improvement.
APPENDIX
Gasfield Building
| Class | B+ |
|---|---|
| Gross Area | c. 15,200 m² |
| Net lettable area | c. 11,100 m2 |
| Occupancy Rate | c. 42% |
(1) As per 5 February 2018. The MICEX Index is denominated in rubles, the RTS Index is denominated in dollar.
Berger House 36-38 Berkeley Square London W1J 5AE United Kingdom
E-mail: [email protected] Tel: +44 (0)207 409 3378 Web: www.stormcapital.co.uk
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